takeover offer for 66 cents per share

so much for Paprika's non-stop ramping

PERTH, Australia, April 11, 2013 /CNW/ - Elemental Minerals Ltd. (ASX, TSX: ELM) ("Elemental" or "the Company") today announces that it has received an indicative, non-binding, incomplete and conditional proposal which, if it were to proceed to a formal offer, could result in an offer being made to acquire all of the outstanding shares in Elemental for a cash price of A$0.66 per share (the "Proposal").

The Proposal, if made, is expected to proceed by way of takeover bid made under Chapter 6 of the Corporations Act which will be subject to a 50.1% minimum acceptance condition

The Board intends to continue to progress negotiations with Dingyi during the exclusivity period to a point where it is able to assess whether a suitable binding agreement can be considered and if thought appropriate put to shareholders. If such an outcome can be achieved, the Board will provide a formal recommendation to shareholders as to the merits of the Proposal at that time.